Thank God for McCain, eventhough he is not a strict conservative is an independent person and is for the moderate people who are in the center. Many of us Republicans do not hold the strict conservative ideas i.e. anti-immigration, pro abortion, pro gay rights. To many of us these are the major issues that are the most important. We also believe that the USA, is being attacked in many ways by terrorists who hate us, and have said that they would love to destroy the USA. We want a strong president, who will not cave in. Believe it or not all other issues are mainstream and are not that important, as human rights of the unborn. All those so called strict conservatives, who are against immigration, and are not in the majority any longer, as you can see, we might have a Democrat for president who believe that immigration is not the major issue, and if it were so, the majority of American people would have voted for Duncan Hunter which got only 0-1% percent of primary votes. It is not true that the American people are so mean spirited as these ultra conservatives republicans who are loosing their seats. MCCain is correct in his views, that is why he is winning and will contnue to win the presidency of the USA.
The Budget According to McCain: Part II
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McCain (April 20): Sen. Obama says that he doesn't want to raise taxes on anybody over – making over $200,000 a year, yet he wants to nearly double the capital gains tax. Nearly double it, which 100 million Americans have investments in – mutual funds, 401(k)s – policemen, firemen, nurses. He wants to increase their taxes. And he [Obama] obviously doesn't understand the economy, because history shows every time you have cut capital gains taxes, revenues have increased, going back to Jack Kennedy.
Obama doesn't understand the economy? What about the giant blunder of clearly implying that 401(k) funds are subject to capital gains taxes? That's simply not the case: Those retirement funds are taxed as income when they are drawn down. (If the money is withdrawn before the plan participant is 59 1/2 years old, a penalty must also be paid unless the money is used for certain purposes.)
Also, Obama hasn't quite said he "wants to nearly double the capital gains tax" rate. What he said, in a CNBC interview, was this:
Obama (March 27): And I certainly would not go above what existed under Bill Clinton, which was the 28 percent. I would – and my guess would be it would be significantly lower than that.
Then there's the matter of whether capital gains tax cuts trigger revenue increases. We've addressed this distortion before, most recently when ABC News moderator Charles Gibson made a similar claim during a Democratic debate. Like Gibson, McCain is partly right. Revenues do tend to increase immediately following a cut in the capital gains tax rate. Because capital gains (or earnings on gains in stocks or real estate) are taxed only when the asset is sold, many investors will hold on to their assets until lower tax rates take effect, then rush to the "sell" window. But the spike in income to the federal government is temporary. A 2002 Congressional Budget Office study found that the effect wears off after a year or two. The report concluded that cuts to the capital gains tax rate "may not be enough to produce additional receipts over a long period" but "may do so over a few years."
For the record, Obama has said he doesn't want to raise taxes for anyone making less than around $200,000 per year; McCain appears to have made a verbal typo when he said "over $200,000."
The Gas Tax Pander
McCain also pledged to temporarily lift the 18.4 cents per gallon federal tax on gasoline (24.4 cents on diesel).
McCain (April 15): I propose that the federal government suspend all taxes on gasoline now paid by the American people – from Memorial Day to Labor Day of this year. The effect will be an immediate economic stimulus – taking a few dollars off the price of a tank of gas every time a family, a farmer, or trucker stops to fill up.
We've written about this one before. In fact, no economist thinks that McCain's gas tax holiday –or the very similar one proposed by Hillary Clinton days after McCain announced his promise–will save consumers money. Price cuts would spur greater demand for gasoline, but because the summer gas supply is already fixed, consumers would end up bidding gas back up to its old price. So motorists would pay just as much for each gallon, but 18.4 cents of each of those gallons would go to oil companies instead of the federal government. The tax currently goes directly to the Highway Trust Fund, and the American Society of Civil Engineers estimates that the holiday could siphon $8.5 billion from the fund. McCain promises to use general revenues to shore up the Highway Trust Fund, but that of course means increasing the deficit by another $8.5 billion. (Clinton would try to retrieve that money by slapping a windfall profits tax on oil companies.)
In McCain's world, everyone gets a pony: tax cuts for the middle class, higher revenue to continue all the popular government programs and the elimination of all those earmarks that no one (except their very specific beneficiaries) really likes anyway.
Discuss